Burlington Market Update
The real estate market rarely follows the same path for a long period of time. As Burlington mortgage brokers, we understand this. That’s why at the Loewen Group we are always committed to furthering our knowledge on the local real estate market.
As expected, home sales in July 2016 decreased from June as the peak real estate months close down for the year. For homes in Burlington covered under the Toronto Real Estate Board, June 2016 saw 280 home transactions compared to 212 in July 2016, although this was an increase from the 197 units sold in July 2015.
Following a similar trend was the average sale price for homes in Burlington last month. July 2016 saw an average selling price of $684,202 after recording an average of $712,380 in June 2016. Year-over-year this number skyrocketed, however, as the price in July 2015 was $570,266 on average, good for an increase of more than $110,000.
We also witnessed a substantial drop in the number of new listings from June to July while year-over-year this number was quite identical. There were 257 new listings last month, an increase of one single unit from July 2015. There were 346 new listings in June.
There were 1.4 months of inventory at the end of July 2016, equal to what June concluded with. This was down from the 1.9 months of inventory that July 2015 had. Months of inventory is calculated by taking the number of homes on the market and determining how long it would take to sell them all at the current pace.
The average number of days that a Burlington home spent on the market in July 2016 was 18 days. This was two days longer than we saw in June but four days fewer than we had in July of last year.
Year-over-year we have seen a significant price jump in the average sale price of homes while they sold an average of four days quicker.
One interesting statistic to look at is the average sale price to average list price ratio. July 2016 had a SP/LP ratio of 101% in comparison to 98% in the same month last year. This means that homes sold for more than the initial asking price last month, on average. This isn’t all that surprising considering the steep difference in year-over-year average price.
If you’re considering purchasing or selling a home, the Loewen Group can help you. As Burlington mortgage brokers in Ontario we have the local expertise and market knowledge to match you with the perfect mortgage solution based on your needs.
For some homeownership tips and further reading, check out one of our recent blog posts on How Much to Spend on Homeownership.
A Burlington mortgage broker can help save you thousands of dollars on your mortgage. If you’re in need of a mortgage, make sure you talk to someone who truly cares for your needs – the Loewen Group.
Contact us today and allow us to show you how we can help!